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Manila Regulators Fine Exchange
For Refusal to Implement Order

MANILA, Philippines -- Manila's securities watchdog Tuesday imposed a daily fine of 50,000 pesos ($1,222) against the Philippine Stock Exchange for the market's refusal to implement the government agency's order requiring immediate reforms.

Elizabeth Martin, director of the SEC's brokers and exchange division, said the fine was being imposed particularly for the PSE's refusal to accept the return of staff from the exchange's compliance and surveillance group, who resigned last week. The market will be subject to the daily fine...